Stephens Investment Management Group LLC Reduces Position in Reddit Inc. $RDDT

Stephens Investment Management Group LLC cut its holdings in shares of Reddit Inc. (NYSE:RDDT) by 40.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 131,922 shares of the company’s stock after selling 91,041 shares during the quarter. Stephens Investment Management Group LLC’s holdings in Reddit were worth $30,325,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in RDDT. Raiffeisen Bank International AG purchased a new stake in Reddit during the third quarter valued at about $25,000. GW&K Investment Management LLC purchased a new stake in Reddit during the third quarter valued at about $30,000. Cornerstone Planning Group LLC lifted its holdings in Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares during the last quarter. LOM Asset Management Ltd purchased a new stake in Reddit during the fourth quarter valued at about $33,000. Finally, Noble Wealth Management PBC purchased a new stake in Reddit during the fourth quarter valued at about $34,000.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Evercore reaffirmed an “outperform” rating and set a $290.00 price objective on shares of Reddit in a report on Friday, February 6th. Needham & Company LLC reissued a “buy” rating and issued a $300.00 price target on shares of Reddit in a report on Friday, May 1st. Guggenheim increased their price target on shares of Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Bank of America lowered their price target on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Finally, Raymond James Financial set a $180.00 price target on shares of Reddit and gave the stock a “market perform” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $228.61.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $145.12, for a total transaction of $2,612,160.00. Following the transaction, the chief executive officer directly owned 411,195 shares of the company’s stock, valued at approximately $59,672,618.40. This trade represents a 4.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the transaction, the chief operating officer directly owned 1,088,451 shares in the company, valued at $175,752,182.97. This trade represents a 3.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 268,977 shares of company stock valued at $39,750,959. 34.25% of the stock is currently owned by corporate insiders.

Reddit Stock Performance

NYSE RDDT opened at $158.44 on Monday. Reddit Inc. has a 52-week low of $94.89 and a 52-week high of $282.95. The company has a market capitalization of $30.50 billion, a P/E ratio of 45.27 and a beta of 1.85. The company has a fifty day moving average of $146.48 and a 200-day moving average of $181.30.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.62 by $0.39. The firm had revenue of $663.41 million for the quarter, compared to the consensus estimate of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business’s revenue was up 69.1% compared to the same quarter last year. During the same period last year, the firm posted $0.13 earnings per share. As a group, analysts forecast that Reddit Inc. will post 4.83 EPS for the current fiscal year.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.